Rhumbline Advisers trimmed its position in shares of MSG Networks Inc (NYSE:MSGN) by 12.9% during the fourth quarter, Holdings Channel reports. The fund owned 70,451 shares of the company’s stock after selling 10,449 shares during the quarter. Rhumbline Advisers’ holdings in MSG Networks were worth $1,427,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Dimensional Fund Advisors LP boosted its holdings in shares of MSG Networks by 1.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,107,529 shares of the company’s stock worth $44,680,000 after buying an additional 27,456 shares during the last quarter. Neuberger Berman Group LLC boosted its holdings in shares of MSG Networks by 51.0% in the 3rd quarter. Neuberger Berman Group LLC now owns 1,536,767 shares of the company’s stock worth $32,579,000 after buying an additional 518,782 shares during the last quarter. Old Mutual Global Investors UK Ltd. boosted its holdings in shares of MSG Networks by 49.9% in the 4th quarter. Old Mutual Global Investors UK Ltd. now owns 1,009,314 shares of the company’s stock worth $20,438,000 after buying an additional 335,866 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in shares of MSG Networks by 14.2% in the 4th quarter. Wells Fargo & Company MN now owns 520,626 shares of the company’s stock worth $10,542,000 after buying an additional 64,587 shares during the last quarter. Finally, APG Asset Management N.V. boosted its holdings in shares of MSG Networks by 193.0% in the 4th quarter. APG Asset Management N.V. now owns 495,500 shares of the company’s stock worth $8,356,000 after buying an additional 326,400 shares during the last quarter. 83.23% of the stock is currently owned by hedge funds and other institutional investors.
MSGN has been the topic of a number of research analyst reports. ValuEngine downgraded shares of MSG Networks from a “buy” rating to a “hold” rating in a report on Sunday, December 31st. Bank of America boosted their price objective on MSG Networks from $29.00 to $31.00 and gave the company a “buy” rating in a research note on Tuesday, January 30th. Zacks Investment Research cut MSG Networks from a “hold” rating to a “sell” rating in a research note on Wednesday, January 31st. Guggenheim boosted their price objective on MSG Networks from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, January 31st. Finally, Morgan Stanley boosted their price objective on MSG Networks from $20.00 to $23.00 and gave the company an “underweight” rating in a research note on Wednesday, January 31st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $25.00.
MSG Networks (NYSE:MSGN) last announced its quarterly earnings data on Thursday, February 1st. The company reported $0.65 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.11. MSG Networks had a negative return on equity of 19.52% and a net margin of 40.97%. The business had revenue of $181.20 million for the quarter, compared to analysts’ expectations of $179.73 million. During the same period in the previous year, the business posted $0.57 EPS. The firm’s quarterly revenue was up 3.2% compared to the same quarter last year. equities analysts anticipate that MSG Networks Inc will post 3.8 earnings per share for the current fiscal year.
MSG Networks announced that its Board of Directors has authorized a stock buyback plan on Friday, December 8th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.
MSG Networks Profile
MSG Networks Inc, formerly The Madison Square Garden Company, is engaged in sports production, and content development and distribution. The Company owns and operates two regional sports and entertainment networks, MSG Network (MSGN) and MSG+, collectively MSG Networks. Its networks are distributed throughout its territory, which includes all of New York State and significant portions of New Jersey and Connecticut, as well as parts of Pennsylvania.
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